Article originally appeared on www.zerohedge.com.
Shares of Dell Technologies and HP tumbled in premarket trading on Wednesday after both companies reported quarterly financial results, underscoring a lackluster personal computer upgrade cycle. Meanwhile, the highly anticipated upgrade supercycle for AI-enabled Apple iPhones has also been underwhelming.
Dell shares fell as much as 12% in premarket trading after the computer hardware company reported revenue that missed the Bloomberg Consensus.
“The PC refresh cycle is pushing into next year,” Dell CFO Yvonne McGill told analysts on a Tuesday call following the results.
Here’s a snapshot of Dell’s third-quarter earnings (courtesy of Bloomberg):
Infrastructure Solutions Group net revenue $11.37 billion, +34% y/y, estimate $11.34 billion (Bloomberg Consensus)
Servers and Networking revenue $7.36 billion, +58% y/y, estimate $7.53 billion
Storage revenue $4.00 billion, +4.2% y/y, estimate $3.83 billion
Adjusted EPS $2.15 vs. $1.88 y/y, estimate $2.05
Total net revenue $24.37 billion, +9.5% y/y, …
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